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[Scotiabank] Scotiabank eHome new 3-4-5 year Mortgage Rates

  • Last Updated:
  • Oct 23rd, 2020 8:36 pm
Jr. Member
Dec 3, 2016
112 posts
62 upvotes
trailsquad wrote: Just got quoted 1.67% 5 year fixed from eHome
Are you able to provide a screen shot like op’s post so that we can use it to match.
Jr. Member
User avatar
Aug 13, 2020
177 posts
501 upvotes
Tangerine has just posted 1.84% for 5 Y, uninsured. This is a VERY good posted rate from a Big Bank or equivalent.

tangerine rates SEPT 17 2020.jpg

This posted rate might help you get better rates with others as most Big Banks will match or beat Tangerine offers.
(I find that they don't usually beat or match the smaller lenders like Truenorth.)


And please note that Tangerine's Cash Back is Low ($500) but they are part of the "Fair Penalty Lenders" group so to break a FIXED mortgage after the 3rd year could be very inexpensive compared to other banks. IE: on a 5Y or 10Y fixed mortgage, after the 3rd year the fee to break the mortgage is 3 months interest, just like a variable mortgage.


For more info, please see:
Tangerine post :
tangerine-tangerine-1-84-posted-mortgag ... s-2403718/

Here’s a list of Canada’s most common fair-penalty lenders:
https://www.ratespy.com/fair-penalty-le ... s-05109252
Deal Addict
Apr 22, 2003
3166 posts
130 upvotes
Toronto
IslandDeal wrote: Tangerine has just posted 1.84% for 5 Y, uninsured. This is a VERY good posted rate from a Big Bank or equivalent.


tangerine rates SEPT 17 2020.jpg


This posted rate might help you get better rates with others as most Big Banks will match or beat Tangerine offers.
(I find that they don't usually beat or match the smaller lenders like Truenorth.)


And please note that Tangerine's Cash Back is Low ($500) but they are part of the "Fair Penalty Lenders" group so to break a FIXED mortgage after the 3rd year could be very inexpensive compared to other banks. IE: on a 5Y or 10Y fixed mortgage, after the 3rd year the fee to break the mortgage is 3 months interest, just like a variable mortgage.


For more info, please see:
Tangerine post :
tangerine-tangerine-1-84-posted-mortgag ... s-2403718/

Here’s a list of Canada’s most common fair-penalty lenders:
https://www.ratespy.com/fair-penalty-le ... s-05109252
FYI I called Tangerine today, told them what I was looking for and they knocked it down another 5 pts for both variable and fixed. They said no cashback but will cover up to $1500 for appraisal and legal fees. However it seems the brokers in the Official Mortgages thread can do better then this
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Jr. Member
User avatar
Aug 13, 2020
177 posts
501 upvotes
Pyro wrote: FYI I called Tangerine today, told them what I was looking for and they knocked it down another 5 pts for both variable and fixed. They said no cashback but will cover up to $1500 for appraisal and legal fees. However it seems the brokers in the Official Mortgages thread can do better then this
That sounds like a very good deal :)

They are only offering me $500 for appraisal and legal (I called it Cash Back.) Appraisal should be around $300 and a lawyer said depending on how Tangerine presents the package, it would be between $450 - $650. (IE: If Tangerine provides the Contract, $450. If they provide the Details only, then $650.)

I don't know what my exact penalty fees are (I don't want to call my Credit union as they will try to retain me with their 2.04% 5 year rates.) but I calculated about $2000 in fees to break a 5Y Fixed mortgage going into the last 2 years.
Sr. Member
Nov 10, 2003
569 posts
114 upvotes
Richmond
Is eHome for new purchase only?

I created a login and then there are 3 options, "I want o know what I can afford", "I am searching for my fream home" and "I've found my new home". I am trying to renew my mortgage and it keeps asking for the down payment information.
Deal Addict
Apr 22, 2003
3166 posts
130 upvotes
Toronto
IslandDeal wrote: That sounds like a very good deal :)

They are only offering me $500 for appraisal and legal (I called it Cash Back.) Appraisal should be around $300 and a lawyer said depending on how Tangerine presents the package, it would be between $450 - $650. (IE: If Tangerine provides the Contract, $450. If they provide the Details only, then $650.)

I don't know what my exact penalty fees are (I don't want to call my Credit union as they will try to retain me with their 2.04% 5 year rates.) but I calculated about $2000 in fees to break a 5Y Fixed mortgage going into the last 2 years.
Yeah it's pretty good but it seems like the brokers in the official mortgage rates thread can get the same rates with TD plus more cashback. Everyone's situation is different but it's worth asking. Both TD and tangerine are collateral mortgages as well which are not ideal
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User avatar
Feb 16, 2017
488 posts
197 upvotes
eHome is a game changer ..Scotiabank is taking mortgages to next level with eHome just applied through their ehome portal and it was breeze simple and approval letter in minutes way to go Scotia
Newbie
Feb 20, 2019
52 posts
56 upvotes
Burnaby, BC
Please note that if your closing date is within a month this might not work for you. I am still waiting for the documents to be sent to the lawyer.
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Newbie
Mar 7, 2011
76 posts
54 upvotes
Ontario
trailsquad wrote: 1.67% 5yr fixed eHomeScreenshot_20200918-000516.png
Wow, it just dropping and dropping. Do you know what is their 4-year rate?
Newbie
Aug 15, 2018
44 posts
155 upvotes
Just applied tonight. Closing on first mortgage end of October.

Actually just got a commitment the other day from the brokers lender. Hopefully my credit doesn't get too trashed for making two applications.

This is way lower than the brokers lender. 1.84% vs 2.09% both 30yr 20% down. Scotiabank in their terms mention you have to pay for an appraisal if required, so worth knowing.
Deal Addict
User avatar
Jul 16, 2012
1259 posts
779 upvotes
Vancouver, BC Canada
Just went through first part of ehome getting same as Tangerine not surprising 5yr fixed 1.84%>
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Jr. Member
Dec 3, 2016
112 posts
62 upvotes
mattdominic wrote: eHome is a game changer ..Scotiabank is taking mortgages to next level with eHome just applied through their ehome portal and it was breeze simple and approval letter in minutes way to go Scotia
What rate did you get?

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